KUALA LUMPUR: Paragon Globe Bhd expects to raise up to RM22.03mil through a private placement of up to 20% of its issued shares to third-party investors.
In a filing with Bursa Malaysia, the property development and construction company said after paying estimated expenses for the exercise, it would use the proceeds almost equally for partial settlement for the purchase of land in Johor Baru and for the construction of a medical centre in Sepang, Selangor.
The estimated proceeds of RM22.03mil were based on an indicative issue price of 59 sen per placement share.
It may issue up to 20% of the issued shares within 12 months, irrespective of when the general mandate was procured from the shareholders of the company. — Bernama